Houston natural gas pipeline operator Targa Resources is cutting nearly one-third of its budget for new projects amid record low commodity prices.
In a Wednesday afternoon statement, Targa reported that the company is cutting $400 million from its 2020 capital expenditure budget. Specializing in natural gas gathering pipelines that move natural gas from oil wells to processing plants and larger pipelines, the company plans to spend between $1.2 billion and $1.3 billion on new projects this year.
Not to change the topic here:
Continental Resources Announces Revised 2020 Capital Budget Of $1.2 Billion And Provides
OKLAHOMA CITY , March 19, 2020 /PRNewswire/ -- In response to the significant drop in commodity prices, Continental Resources, Inc. (NYSE: CLR) ("Continental" or the "Company") today announced a revised 2020 capital budget of $1.2 billion , representing a 55% decrease in capital spend from the Company's original budget of $2.65 billion . The Company expects to be cash flow neutral under $30 per barrel WTI.
The Company will be reducing its average rig count from 9 to approximately 3 in the Bakken and 10.5 to approximately 4 in Oklahoma . The Company has taken action to implement cost saving initiatives across its operations as part of its ongoing commitment to remain free cash flow positive.
California Locked Down, Australia Budget Delayed: Virus Update
(Bloomberg) -- California announced a statewide stay-in-place order, the most stringent U.S. effort yet to curb the spread of the virus.
Meanwhile, New York City Mayor Bill de Blasio said the city has enough medical supplies to last two to three weeks and needs military assistance.
The U.S. warned Americans not to travel abroad and recommended that those who are overseas come home. U.S. Senate Majority Leader Mitch McConnell released a massive stimulus plan for consumers, companies and local governments.
Coronavirus: €302m complementary budget submitted to House – In-Cyprus.com
The government submitted to parliament today a complementary budget amounting to €302 million with a fiscal impact of 1.3% on GDP, as part of a €700 million economic package to alleviate consequences on the economy due to the coronavirus epidemic.
The complementary budget covers expenditures of the fiscal package aiming to support vulnerable groups, companies, self-employed and the economy in general, a report accompanying the bill said.
The budget provides for €40 million for the granting of Special Leave to parents in both private and the public sector who are forced to stay at home to care for the children up to 15 years old due to the decision to close public and private schools.
Quite a lot has been going on:
Pioneer Natural cuts budget almost in half
(BY: BERTIE MELINDA TAYLOR, RIGZONE.COM) -- Pioneer Natural Resources Co. has cut its 2020 drilling, completion and facilities budget by 45% and expects it to range between $1.6- to $1.8 billion. The company is also reducing its budgeted water infrastructure spend to $100 million, resulting in a total 2020 budget range of $1.7- to $1.9 billion.
The updated capital program will be funded from forecasted cash flow of $2.3 billion and generate free cash flow of $500 million, assuming WTI oil prices average $35 per barrel for the rest of the year.
Mexico finance minister says oil proceeds in budget covered | News | 1330 & 101.5 WHBL
MEXICO CITY (Reuters) - Mexican Finance Minister Arturo Herrera said on Thursday that "everything" in the federal budget from oil payments was covered, with oil hedges protecting 80% of the revenues and "reserves" covering the remainder.
Questioned in an interview with newspaper Reforma whether the credit rating of state oil company Petroleos Mexicanos [PEMX.UL] presented a risk to public finances, Herrera said the risk existed, but was low due to the oil hedging program.
Budget 2020: Business rates for small retailers abolished for 1 year - Retail Gazette
Thousands of small and independent retailers are set to enjoy some financial respite after the government revealed it would abolish business rates for them in the next financial year.
Chancellor Rishi Sunak announced the move today as he rose to present his first Budget to the House of Commons.
He said that for the coming year, he would take the “exceptional step” of abolishing business rates for small businesses with a rateable value below £51,000.
Amplify Energy Announces 37% Reduction of 2020 Capital Expenditure Budget, MTM Hedge Asset Value
HOUSTON, March 19, 2020 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (NYSE: AMPY) (“Amplify” or the “Company”) announced today that it has lowered its 2020 capital expenditure budget by approximately $17 million or 37% in response to the recent severe decline in commodity prices and overall downturn in the market attributed to COVID-19 and OPEC’s decision to increase production.
Amplify also maintains a strong hedge book with 61% of forecasted 2020 production hedged, including 77% of crude oil hedged at $56.29 per barrel. As of March 18, 2020, Amplify’s mark-to-market value was a net asset position of approximately $130 million. Due to Amplify’s prudent hedging activities, the Company still expects to generate strong free cash flow for 2020 at current strip pricing.
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